In the evening, following the release of the data on the Dragon and Tiger list, U.S. stocks opened sharply lower, dealing a fatal blow to the originally fragile market.

At this moment, the majority of investors in the market, after a brief review, look at it, regardless of the news, emotions, and funds...... It's all negative.

Fortunately, this time, the regulator is no longer indifferent in the face of the continuous unilateral plunge in the market.

On the morning of the next day, May 22, before the market on Thursday, some news about the 'Shanghai-Hong Kong Stock Connect' was revealed to the market, and it is expected that the Shanghai-Hong Kong Stock Connect will be officially opened at some stage in the second half of the year.

Affected by this good news, the market investment sentiment, which was originally extremely pessimistic before the market, has picked up.

Many desperate market investors, stimulated by the good news of the 'Shanghai-Hong Kong Stock Connect', can't help but have a glimmer of hope for the market outlook.

With this glimmer of hope.

When the time of 9:15 arrived, the call auction between the two cities began.

In the minds of the majority of investors, the market that was originally expected to open low across the board finally ushered in a bright color, and the main line of "big finance", such as "banking, securities, insurance", opened high across the board, up 0.8% to 1.25% points, and the "infrastructure", "state-owned enterprise reform", "Internet finance" and other high-level popular main lines that had suffered a continuous decline in the early stage also stopped falling at this moment, and popular stocks in many fields turned red and rose.

"The news of Shanghai-Hong Kong Stock Connect is coming, and today, 'big finance' is probably going to sing the leading role, right?"

Seeing that the market slightly exceeded the expected initial call auction situation, at this moment, Yu Hang, Yu Hang Investment Company, in the fund trading room, Li Meng observed the market, and said with a smile: "I feel that the market has fallen here, and under the continuous news changes, there is a slight signal to stop falling." ”

"The good news on the surface is indeed fast, slightly exceeding expectations." Su Yu replied, "But in terms of the trend of market adjustment, both time and space, there is still some difference, and the feedback of market long and short sentiment is still far from the turning point." ”

"As for the ...... in the field of 'big finance'"

Su Yu paused, pondered for a moment, and continued: "The news of the 'Shanghai-Hong Kong Stock Connect' can indeed be regarded as a strong positive boost for this main line area, but this field has to sustain the market, and the requirements for undertaking the volume of funds are too high, and the current market, emotional and financial aspects are in a recession cycle, and the overall market status quo is difficult to support the continued strength of the 'big finance' field." ”

"Moreover, there is no obvious turning point in the fundamental situation in the field of 'big finance'."

"The stimulation of the news side is useful, but it usually has to resonate with the inflection point of the fundamentals in order to produce a relatively large sustained main line market."

"Obviously, the main line of 'big finance' does not have such conditions at present."

"I guess ......," Su Yu said with a smile, "The main line of 'big finance' can have a general high opening and slightly outperform the index performance, which is good." ”

"That is to say, with a high probability, there is still nothing worth paying attention to in the market today?" Li Meng heard Su Yu's analysis and responded, "I feel that although the two lines of 'infrastructure' and 'state-owned enterprise reform' have been pulled back a lot, the chip structure has not stabilized, and it is indeed unable to bear the heavy task of supporting the market index and rebuilding the market's continuous money-making effect." ”

Su Yu thought for a while and said: "Although the market sentiment has not yet ushered in an inflection point, the attitude of the regulator has shown, coupled with the continuous plunge in the early stage of the index, the take-profit plate and the meat cutting plate in the field have almost come out, and the momentum has been fully released, so at this stage, even though the main line market still cannot perform, there is a high probability that the index will not have the previous sharp decline." ”

"Hmm!" Li Mengying said, "The inflection point of macro policy is often preceded by market sentiment and capital, and at the current position of the index, the probability of continuing to plummet and adjust is indeed not large." ”

"Since the market trend will most likely move to the second stage of 'shock adjustment', should we make a slight adjustment in our trading strategy and appropriately increase our position building?" During the brief discussion between Su Yu and Li Meng, Liu Yuan interjected, "Master, we have avoided the most tragic period of the index's plunge and avoided the most serious risk stage of the market, and now we ...... In the face of the index touching the 2200 point position again, it is appropriate to turn defense into attack, right? ”

In the face of Liu Yuan's inquiry, Su Yu pondered for a moment and responded: "It's better to maintain the trading strategy of 'building a position slowly, seeing more and moving less', the market trend has moved to the second stage, even though there is a high probability that there is no risk of a plummet, but the shock adjustment will still not be less, especially in the case that the market sentiment has not yet ushered in an inflection point, some stocks that we have the intention to build a position will most likely usher in emotional killing." ”

"The trend of the market, whether it is up or down, cannot be touched at one touch."

"At the moment, there are some positive signals on the policy and news sides, but we ...... Before the market inflection point is really reached, you still have to be patient enough. ”

"Okay!" Liu Yuan responded, and then turned his gaze back to the trading interface of the two cities.

"Mr. Su, the line of 'military industry' doesn't seem to have any particularly obvious performance at the opening today." Wang Can, who has been observing the trend of the call auction market in the market, paused and said, "This trend is ...... I think it is obviously less than expected, do we continue to increase our positions on this line? ”

Su Yu bowed slightly, and said: "Continue to slowly increase positions, since the road of 'military reform' and 'asset securitization of military enterprises' has been pointed out at the macro policy level, then in this direction, there must be continuous speculation value, as for the trend at this time, there is no obvious change, and the main funds in the market have not gathered on a large scale in this direction, that is because the market speculation sentiment and capital situation at the moment are still in a bad situation, and the market risk appetite is still decreasing. The military industry is also a field where future performance expectations are difficult to understand and information disclosure is very opaque, so naturally the attitude of various funds towards this field at this time will be too cautious. ”

"But when the market sentiment and capital side usher in an inflection point......"

"The 'military' sector, which carries the two long-term positive expectations of 'military reform' and 'asset securitization of military enterprises', will become an amplifier of market sentiment and will usher in a good speculation market."

"Indeed." Li Meng also said, "As long as the market's risk appetite and speculation are improved, the two major investment defects of the 'military' sector, which are difficult to figure out the future performance expectations and very opaque confidence disclosure, will become a huge advantage driven by the positives, providing unlimited imagination for the market speculation space." ”

"As long as the macro policy direction of the 'military industry' line, as well as the two positive expectations of 'military reform' and 'military enterprise securitization', have not been fulfilled, then our position building strategy in the field of 'military industry' will not change." Su Yu emphasized, "For this line, at the current stage, rest assured to open a position, or that sentence...... No chips, no pallets, buy as many chips as you can. ”

"Okay." Wang Can responded, and then turned his gaze to the trading interface of the two cities again.

"Mr. Su, is the direction of our 'Yuhang No. 3' fund also focusing on 'military industry' in terms of priority?" At this time, Zhang Guobing, the trading team leader in charge of the 'Yuhang No. 3' fund, couldn't help but ask, "Can our trading team intervene synchronously in the two core main directions of 'infrastructure' and 'state-owned enterprise reform', as well as the direction of 'Internet finance'?" ”

Su Yu thought for a while and responded: "With 'military industry' as the main direction of attack, as for the core main lines of 'infrastructure', 'state-owned enterprise reform', and 'Internet finance', it is also possible to intervene appropriately to maintain the rhythm of 'building positions slowly, seeing more and moving less' that I just said." ”

"At present, the market correction is not over."

"Therefore, whether it is Fund 1, Fund 2, or Fund 3 with new closed operation, we must follow the idea of building positions on the left, while increasing positions, strictly control the risk of positions, do not rush in, but do not hesitate when you see opportunities."

"Okay, got it." Zhang Guobing answered and stopped talking.

With the simple discussion of everyone, at this time, the market trading time has entered 9:20.

I saw that after the first 5 minutes of the market call auction, after a large number of false pending orders were cancelled from 9:19 to 9:20, the market situation presented by the market was significantly lower than when the call auction in the two cities began at 9:15.

Among them, the field of 'big finance'.

The banking sector index has fallen back from the initial 0.85% increase in the call auction to around 0.5%; The two major sector indices of securities and insurance have fallen from around 1.25% in the initial stage of call bidding to below 1%, and on the disk of several major industry sectors and related core constituent stocks, the buying force is not strong, and there is still a risk of continuous decline.

'Infrastructure', 'state-owned enterprise reform', 'Internet finance' and many other core main lines that continued to plummet in the early stage.

At this moment, although the rise lags much behind the 'big finance', the power of buying on the disk of the relevant core constituent stocks is obviously much stronger than that of some core constituent stocks in the field of 'big finance', and these core main lines, with the advancement of market trading time, their related sector index gains are still slowly rising.

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In the continuous decline of the market in the early stage, the main lines of 'consumption' and 'medicine' have been manifested several times.

At this moment, the performance of these two main lines, in the situation of the obvious rebound of the market, seems very ordinary, and its related industry sector indexes are basically all maintained near the flat, with neither obvious main funds buying care, nor obvious main funds selling suppression.

As for the 'military industry' field that Su Yu is very optimistic about.

This main line after yesterday's relatively strong performance, today's opening, in the call auction, the performance is not very good, not only the sector index lags behind the average performance of the market, its sector, yesterday's performance was particularly strong in some of the constituent stocks, and even there are obvious signs of the main capital selling to suppress the disk.

"The 'big finance' field stimulated by direct benefits, this is ...... Obviously a little less than expected! ”

Seeing the real call bidding situation presented by the market, Yu Hang, inside Minghui Capital, in the fund trading room, He Hong, the fund manager of 'Minghui No. 2', frowned slightly, and said to Xu Zhongji on the side: "Mr. Xu, the line of 'big finance', I think we should intervene cautiously!" ”

"Why?" Xu Zhongji asked, "The announcement of the 'Shanghai-Hong Kong Stock Connect' is a direct stimulus for stocks in the financial field of the market, and this is good for cashing, it should take a lot of time, the market has full space and time for speculation, plus the valuation of the 'financial' field, it has indeed been suppressed very badly, this wave of chips loosened, if the valuation is expected to increase, it can bring sustainable market expectations." ”

"At the same time, the market index has continued to adjust after this period of time......"

"At this moment, it has fallen to around 2200 points, and the hype market based on 'infrastructure' and 'state-owned enterprise reform' in the early stage has been fully released, I think no matter what...... It is not appropriate for us to continue to be pessimistic in this position. ”

"But today's market call auction, the trend reflected is obviously different from what we expected before the market!" He Hong said, "I suggest that we still have to respect the actual trend reaction of the market, at this time...... It's true that we shouldn't be too pessimistic, but it's not right to be too optimistic. ”

"Judging from the performance of each main line in the market call auction alone......"

He Hong paused, thought for a while, and then continued: "After continuous adjustment in the early stage, the main lines of 'infrastructure', 'state-owned enterprise reform', and 'Internet finance', which have fallen sharply, are obviously stronger than the core constituent stocks of the related industry sectors and concept plates. ”

Hearing He Hong's analysis, Xu Zhongji stared at the trading disks of the two cities, looked at it for about half a minute, and then responded: "Judging from the actual trend of the disk, it seems that this is indeed the case. ”

"That is ......"

Xu Zhongji thought for a while and said: "Then wait for the official opening, let's take a look at the specific undertaking strength in the field of 'big finance', if the main funds of all parties in the market agree with the market logic in this direction, then after the official opening, the capital undertaking strength in the field of 'big finance' should be stronger and stronger." ”

"You're right." Xu Zhongji smiled and continued, "At this stage, it is not appropriate to be overly pessimistic or overly optimistic, as for the main lines of early speculation in the early stage of the market, such as 'infrastructure', 'state-owned enterprise reform' and 'Internet finance', you can pay attention to it, but the timing of intervention should be more cautious." ”

He Hong couldn't help but breathe a sigh of relief when he saw that Xu Zhongji agreed with his analysis and judgment, and then put his eyes back on the trading board again.

At this time, with the short discussion between the two, the market trading time has come to 9:25, the call auction between the two cities is over, and the market trading interface is re-framed.